Jonathan Osman, The Charlotte House Hunter Group - Keller Williams Realty
In February, the Justice Department and 49 states Attorney’s General reached a settlement between themselves and the nation’s five largest mortgage servicers: Bank of America, Ally / GMAC, Citi, Chase, and Wells Fargo. At the time, it was viewed as a monumental accomplishment for foreclosure abuses related to the robo-signing scandal, where banks forged signatures [...]
Bank of America has started reaching out to homeowners in distress to offer them an incentive as a part of their HAFA or Cooperative Short Sale program. The Bank of America Cooperative short sale program isn’t new however this the first time in its existence that it has been heavily promoted. The good news is [...]
Federal tax liens are typically a problem for most loan modifications and short sales. When discovered, they have the ability to halt any processing and can prevent a closing. Thankfully, having a Federal tax lien on your property isn’t the end of the world provided they are discovered in time. You can complete a short [...]
It wasn’t that long ago that you could miss a mortgage payment and not face a foreclosure sale for the next 800 days. Yes, that’s right 800 days is the national average from the first delinquency to the foreclosure sale. Much of that has to do with the way that banks handle delinquent homeowners. Banks, [...]
The HAFA (Home Affordable Foreclosure Alternative Program) Short Sale program is designed to help homeowners facing foreclosure to “exit gracefully.” There are three different versions of the HAFA Program and the category that you fall into is determined by who is actually the investor behind your mortgage: 1. Private Investors (Hedge Funds, Banks, etc), 2. [...]
Now that the FTC has once again exempted real estate agents from the MARS disclosure act, some agents and services are once again charging up front fees. These fees range anywhere from $500 – $2,000 to assist a homeowner through a short sale or a loan modification. In North Carolina, its illegal to collect up-front [...]
Often, struggling homeowners shy away from a short sale because of the potential credit harm that will result from the sale. However, a mortgage modification is not without equivalent or more substantial credit penalties. The main issue with a mortgage modification is that your servicer or your investor may require that you are delinquent on [...]
Following the move of Chase Bank, the Treasury Department’s HAFA program and the FHA, CitiMortgage is now offering select borrowers an average of $12,000 for completing a short sale this year. That’s great news for homeowners with a Citi first mortgage that may be facing a financial hardship. The goal is encourage homeowners that are [...]
GMAC Loss Mitigation: 1-800-850-4622 Fax: 1-866-502-0424 Letter of Authorization Fax: 1-866-709-4744 Tips for working with GMAC: Make contact as soon as the property is listed for sale. Send in the letter of authorization and then follow up with a phone call to loss mitigation. After the authorization letter is processed, they will allow you to [...]
